Marula Mining PLC

("Marula'' or the "Company")

28 May 2024

Assay Results For Run-of-Mine Manganese Ore from

the Larisoro Manganese Mine in Kenya

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to announce assay results from samples of manganese ("Mn") ore from the Larisoro Manganese Mine ("Larisoro" or the "Mine") in Samburu County, Kenya.

The samples, which were taken from stockpiled manganese material in Nairobi, reported an average grade of 35.73% manganese, and assays of 39.25%, 39.13%, 38.60%, 37.69%, 37.56% and 37.23%. This stockpiled material and further material to be transported to Nairobi from the Mine will soon be loaded into containers for rail transportation to the port of Mombasa for export.

Highlights:

·      A total of 18 samples, were collected and prepared by the Company's exploration team from stockpiled run-of-mine manganese ore in Nairobi

·      The samples were taken as part of the testing requirements of its planned long-term offtake agreements for sales of manganese ore into international export markets

·      Samples were delivered to the Nairobi office of the United Kingdom based, global metals, minerals and energy commodities trading group Fujax UK Ltd ("Fujax")

·      The samples were subsequently sent for laboratory testing and analyses at Fujax's facilities in Mombasa

·      The assays reported significant results with the average grade of the 18 samples being 35.73% Mn

·      The assay results ranged from the lowest grade of 31.90% Mn to the highest grade of 39.25% Mn

·      The full assay results from the samples are included in Table 1 below

·      The assay results are consistent with the historical results from the Larisoro Mine and support the Company's plans to produce a +37.00% Mn saleable product from its on site crushing and screening processing facilities

·    The Company is continuing to invest under the terms and conditions of its agreement with Kenyan company Gems and Industrial Minerals Limited ("GIM"), with exploration activities and investment in new mining, crushing, screening and processing equipment ongoing and to increase monthly manganese ore production to between 5,000 tonnes and 10,000 tonnes of saleable high-grade manganese ore by 30 September 2024

·    The formal documentation of its investment, including a Technical Support Agreement, is expected to be signed in June 2024

Table 1. Assay Results - May 2024

Jason Brewer, CEO of Marula Mining, commented:

"The assay results have confirmed the quality of the manganese ore from the Larisoro Manganese Mine, of which we already have an initial stockpile in Nairobi ready for sale.

"With sampled grades of up to 39.25% Mn, independently assayed by Fujax UK Ltd, one of our potential offtake partners, we have received further confirmation of the quality of the material that the Company intends to sell into the export markets.

"With manganese reference prices trading near four-year highs, our ability to deliver  material now from the Larisoro Manganese Mine puts us in a strong position as we look to expand production levels further in 2024.

"I look forward to updating shareholders further on our activities at Larisoro Manganese Mine, as we finalise our offtake arrangements and make our first commercial sales shortly."

The Directors of Marula are responsible for the contents of this announcement. This announcement contains inside information for the purposes of UK Market Abuse Regulation.

About Marula Mining

Marula Mining (AQSE: MARU) is an African focused battery metals investment and exploration company and has interests in several high value mine projects in Africa; the Blesberg Lithium and Tantalum Mine and Korridor Lithium Project in South Africa, the Kinusi Copper Mine, the Nyorinyori Graphite Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite Project all in Tanzania, the Nkombwa Hill Project in Zambia and the Larisoro Manganese Mine located in Kenya. As we advance operations at these battery metals focused projects, Marula will continue to build and expand its interests in other high-quality projects in Africa.

Marula's strategy is to identify and invest in advanced and high-value mining projects throughout East, Central and Southern Africa that the Directors believe would deliver returns for its shareholders. The Board and management team aims to establish Marula as a socially and environmentally responsible, sustainable, and profitable producer of critical metals and commodities that are of increasingly strategic importance to modern technologies and the global economy. Marula's shares are traded on the AQUIS Stock Exchange (AQSE) in the United Kingdom and the A2X Market in South Africa. Marula is exploring opportunities to admit its shares to trading on the London Stock Exchange plc's Standard List, Kenya's Nairobi Securities Exchange and South Africa's Johannesburg Stock Exchange.

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Caution:

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.